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July 06, 2015, 10:09:48 PM *
News: ♦♦♦ If you are using any wallet other than Bitcoin Core 0.10.x or 0.9.5, then you should not trust incoming transactions until they have ~30 confirmations. More info.
 
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221  Economy / Speculation / Re: the last 3 days price, the huge arb space on: December 12, 2014, 05:15:35 AM
Wire transfers usually charge the same for any transfer, no matter how big or small. However, they can take a week to complete which is really inefficient and ruins arbitrage opportunities.
That depends on your banking arrangements. If you have an account with a US stockbroker that's also a bank, they know you, and you have a reasonable balance there, wire transfers happen very fast.
222  Economy / Speculation / Re: What if Bitcoin just levels off? on: December 11, 2014, 06:43:06 PM
I have three letters for you.

ETF

Have a good day!
The Winkelvoss ETF is a dump. They bought Bitcoins a long time ago, and have too many to sell without crashing the market. Their ETF scheme cashes them out of Bitcoins.
223  Economy / Speculation / Re: Microsoft does NOT accept Bitcoin! on: December 11, 2014, 06:40:24 PM
Microsoft: "You canít use Bitcoin to purchase Microsoft products and services directly at this time." Microsoft is using Bitcoin for the things that used to be sold for Microsoft Points - in-app purchases, game items, and other junk. Those are low-risk items for Microsoft - they cost little or nothing to make, and have no resale value.
224  Bitcoin / Bitcoin Discussion / Re: Microsoft is now accepting Bitcoin on: December 11, 2014, 06:35:11 PM
Microsoft isn't accepting Bitcoin for Microsoft product or services. Their announcement says "You canít use Bitcoin to purchase Microsoft products and services directly at this time." They're accepting it only for the low-value things you used to have to buy "Microsoft points" for - various in-app purchases, in-game items, and such. Stuff that doesn't cost Microsoft anything, basically.
225  Economy / Speculation / Re: Microsoft IS ACCEPTING Bitcoin! on: December 11, 2014, 06:59:13 AM
Microsoft is not accepting Bitcoin for Microsoft products. Microsoft is only accepting Bitcoin for Microsoft partners who sell through Microsoft's online store system. From the Microsoft page:  "You can only use Bitcoin to add money to your Microsoft account and then purchase digital goods at select Microsoft online stores. You canít use Bitcoin to purchase Microsoft products and services directly at this time."
226  Economy / Speculation / What if Bitcoin just levels off? on: December 10, 2014, 07:18:46 PM
Since the beginning of October, the price of Bitcoin has been about where it is now, $350 Ī  50. There were brief excursions outside that range, but they didn't last. Difficulty has also leveled off. The last difficulty was a slight downward change.

What if that's what 2015 looks like? The Silk Road and China bubbles have run its course. Without some big outside event, there's no particular reason for the price to move much.

The speculators would be bored, but as a medium of exchange, Bitcoin might be more useful.
227  Economy / Speculation / Re: Official Bitcoin Price Prediction for Dec 31, 2014 on: December 10, 2014, 07:08:19 PM
It's interesting you say that when a good 87% of the people who voted in the poll, that you can see above, are likely to be overly optimistic about the outcome of the price.
We need all those bulls suckers to keep the price up. Bitcoin is zero-sum. as I point out occasionally. For every winner, there must be a loser.
228  Economy / Speculation / Re: the last 3 days price, the huge arb space on: December 10, 2014, 06:14:58 PM
Bitfinex often has a leading price, or sometimes is LakeBTC step ahead, no matter, the key is that price gap usually is $10 between them and BTC-e.
This tells you what the real costs of Bitcoin transactions are. Looks like they're about $10 per round trip, in and out of Bitcoin, or, at current prices, about 3%. This is an inefficient market by modern financial standards.
229  Bitcoin / Mining speculation / Re: Growth of Bitcoin Mining Network slows to 0.5% per day. on: December 09, 2014, 08:35:11 AM
0.5% per day is 6x a year after compounding. That's huge.

It's not likely to be maintained. The last difficulty adjustment was negative.
230  Bitcoin / Legal / Re: H.R.5777 - "To protect cryptocurrencies." on: December 07, 2014, 08:15:24 AM
Bill text.

Main provisions:
* Federal preemption of new state laws regarding cryptocurrencies. This would preempt New York's law.
* Mining and revenue in cryptocurrencies only taxable upon conversion to dollars. This preempts current IRS guidance.

Zero co-sponsors. GovTrack predicts 1% chance of being enacted.
231  Bitcoin / Bitcoin Discussion / Re: Long Live Proof-of-Work, Long Live Mining - "there is no meaningful alternative" on: December 05, 2014, 06:21:10 AM
The cost of mining 1 bitcoin nowadays is greater than the cost of 1 bitcoin itself.
For some miners, yes. For the big guys with low costs, no. We just had a small difficulty drop, indicating even some of the big miners are dropping out.

Today, unless you have a big mining farm, cheap labor, good relationships with an ASIC vendor, and cheap power, you can't make money mining Bitcoins. See the Mining Speculation part of the forum.
232  Economy / Service Discussion / Re: Where to invest my bitcoin on: December 05, 2014, 06:10:45 AM
Hello i want to invest my bitcoin is there a good place to do it
No.

There are Bitcoin Ponzis. They're scams. There was at one time a Bitcoin stock market. That didn't go well. Bitcoin loans are possible, but Bitcoin debt collection is very hard.
233  Bitcoin / Bitcoin Discussion / Re: Most Influential Person in Bitcoin 2014 on: December 04, 2014, 08:01:31 AM
Mark Karpeles.
234  Economy / Service Discussion / Coinbase announces "USD wallet" on: December 02, 2014, 06:41:08 PM
Coinbase has announced a "USD wallet". Now you can put money into Coinbase without buying Bitcoins. This makes them a Bitcoin broker/exchange.

As with other exchanges, don't keep any funds there you're not actively trading. Coinbase does not offer the insurance or legal protections of a bank account, and over the history of Bitcoin, more than half the exchanges have gone bust.
235  Economy / Speculation / Re: Why are we seen as "early adopters"? on: December 02, 2014, 06:28:48 PM
And how many private keys were lost, how many HDs with wallets on them trashed, how many Bitcoin boxen hax0rd?

A huge number of Bitcoins were created in the early days and never seen again.
236  Economy / Speculation / Re: Difficulty going down on: December 02, 2014, 06:26:12 PM
At 5 hours to go, the next difficulty change is going to be very close to zero. The current prediction is -0.44%.
237  Economy / Speculation / Re: Difficulty going down on: November 30, 2014, 07:51:09 PM
At 2 days to go, the next difficulty change looks like it's going to be very close to zero.
238  Bitcoin / Bitcoin Discussion / Re: People can now buy Bitcoin using credit cards on: November 30, 2014, 07:09:41 PM
They charge 5% to get in, $55 to get out. Plus, your bank will charge you a cash advance fee.
239  Bitcoin / Press / Re: [2014-11-26] Coindesk: Kraken to Assist in Search for Missing Mt Gox Bitcoins on: November 29, 2014, 11:29:54 PM
Read through all the documents from the bankruptcy trustee now on the Mt. Gox web site.

A few key points:

* The Payward/Kraken deal is more about outsourcing claim processing and, eventually, payout of claims. They also bought Mt. Gox's computer hardware (not the data; the machines will be erased), and, strangely, its chairs.
* The search for missing assets has been carried out so far by two accounting firms, Deloitte Touche Tohmatsu LLC, and and ReEx. They've found some of the cash, but not the Bitcoins.
* Karpeles and his four other businesses owe the estate of Mt. Gox about 11 milion USD in "loans". The bankruptcy trustee is trying to collect.
240  Bitcoin / Bitcoin Discussion / Re: Difference in storing your BTC in a wallet vs exchange... on: November 28, 2014, 08:08:45 PM
Coinbase provides web and mobile Bitcoin services. The mission of the founders is to provide Bitcoin value added products for consumers and merchants. Their users deal with the company rather than directly with the network. Coinbase is recognized as ďthe PayPalĒ of the Bitcoin Network.
Coinbase is more like Joe's Cut-Rate Check Cashing next to the liquor store. Merchants don't keep money in Coinbase for more than a few hours. Bitcoins go in, and US dollars are deposited to the merchant's account that night.

You can keep money in Coinbase, but shouldn't.
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